Gold prices move up on global leads, buying push

New Delhi, Sep 5: Propped up by firm global cues and increased buying by jewellers at the domestic bullion market, gold advanced for the third straight day by gaining Rs 50 to Rs 31,050 per 10 grams today.

Silver also gained another Rs 50 to Rs 45,950 per kg, backed by increased off-take by industrial units and coin makers.

Marketmen said that besides a firming trend overseas, more buying activity by jewellers to meet retailers' demand at the domestic spot market mainly kept the precious metals higher.

Globally, gold rose 0.18 per cent to USD 1,327.20 an ounce and silver 0.03 per cent to USD 19.42 an ounce in London in early trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added Rs 50 each to Rs 31,050 and Rs 30,900 per 10 grams, respectively. It had gained Rs 50 in the previous two sessions.

Sovereign, however, remained flat at Rs 24,300 per piece of eight grams.

Tracking gold, silver ready rose further by Rs 50 to Rs 45,950 per kg while weekly-based delivery held steady at Rs 45,480 per kg.

Price of silver coins, too, went up by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

PTI